JUDGMENT :

1. Heard learned senior counsel Sri D.Prakash Reddy for appellant and learned counsel Sri Trideep Pais representing learned counsel for respondent Mrs Shireen Sethna Baira.

2. Parties are referred to hereunder as arrayed before the Commercial Court in COP Nos. 19 and 18 of 2022 on the file of the Court of Principal Special Court in the Cadre of District Judge for Trial and Disposal of Commercial Disputes at Hyderabad.

3. Petitioner and respondent entered into Multi Annual Agreement (for short, ‘MAA’) on 4.5.2011 for the purpose of purchase and supply of Wind Turbine Generators for the total capacity of 2000 MW during the term from 2011 to 2016. Said MAA provided for committed Minimum volume of 1635 in Megawatts which was mandatorily to be off taken by the respondent for each delivery year commencing from 2011 till 2016 and supplied by the petitioner. MAA provided that in the event of failure of either party to comply with their mandatory obligations, the breaching party is liable to pay liquidated damages to other party. Compliance of MAA required petitioner to incur substantial investments towards establishment of factory, cost of raw material, plant and machinery, changes in the inventories, financing costs, warehousing costs etc.

4. According to petitioner, soon after first purchase order was placed by the respondent for delivery in 2011, respondent continued defaulting on its commitments to off take annual volume of WTGS. According to petitioner even the first purchase order was defective and falling short of requirements. Having regard to the defaults committed by the respondent, petitioner issued demand letters claiming liquidated damages. As issue was not resolved in spite of several efforts made, petitioner invoked the arbitration clause as provided in MAA by raising two independent arbitration claims for liquidated damages covering the period from 2011-2014 and 2015 respectively. Arbitral Tribunal comprised of Hon’ble Justice M Jagannatha Rao, Retired Judge Supreme Court of India as Presiding Arbitrator, Mr. Justice Balasubramaniah, Retired Judge, Madras High Court and Mr Justice C.V.Ramulu Retired Judge, High Court of Andhra Pradesh as Co-Arbitrators. The Arbitral Tribunal passed final arbitral awards on 15.7.2021 in dispute Nos.1 and 2 separately covering two separate periods, viz., years 2011-2014 and 2015. In Arbitration Case No. 1 of 2018 the Arbitral Tribunal awarded Rs. 295,44,94,116/- that include interest component @ 9% per annum from 31.3.2018 to 15.7.2021, after adjusting the counter-claim. The Arbitral Tribunal also directed return of two bank guarantees and two corporate guarantees.

5. In Arbitration Case No. 2 of 2018 the Arbitral Tribunal awarded liquidated damages and interest of Rs. 141,57,13,562/- up to 15.7.2021. The Tribunal further granted interest @ 6 % from 15.7.2021. The further claim of petitioner for Rs. 438,26,79,452/-and counter claim of Rs. 129,58,94,884/- was rejected.

6. After passing of the awards, petitioner filed C.O.P.No. 18 of 2022 (subject matter of COMCA No. 7 of 2023) and C.O.P.No. 19 of 2022 (subject matter of COMCA No. 6 of 2023) on the file of the Court of Principal Special Court in the Cadre of District Judge for Trial and Disposal of Commercial Disputes at Hyderabad under Section 9 of the Arbitration and Conciliation Act, 1996 (Act, 1996).

7.1. In C.O.P.No. 19 of 2022 petitioner prayed to grant the following reliefs:

“It is, therefore, most humbly and respectfully prayed that in view of the above facts and circumstances the Hon'ble Court be pleased to:

(a) Direct the Respondent to deposit a sum of INR 141,57,13,562/- (Indian Rupees One Hundred Forty-One Crore Fifty-Seven Lakhs Thirteen Thousand Five Hundred Sixty-Two only) along with applicable interest @6% from the date of Arbitral Award till its realisation before this Hon'ble Court, until the execution of the Arbitral Award or the Award is set-aside by the Hon'ble Court under Section 34 of the Arbitration and Conciliati